Gold's Golden Gamble: When Prices Rise, Sales Fall Gold prices have skyrocketed by 60% since last year's Ganesh Chaturthi celebrations, reaching Rs 1. 57 lakh from Rs 98,000.
This meteoric rise has led to a notable decline in gold sales – a staggering 15% drop, according to industry executives.
The sudden dip in demand is largely due to consumers' growing reluctance to invest in expensive jewelry, even during festive occasions like Ganesh Chaturthi.